| With the deterioration of ecological environment,the rising cost of environmental degradation has not been changed and the abrupt change of climate were treated as a life-threatening issue.Therefore,environment governance has became a common problem faced by all countries worldwide.Form the Kyoto Protocol in 1997 to the Paris Agreement in 2015,countries began to save energy and reduce emission in the form of a global agreement to deal with the environmental risks caused by climate change.In September 2020,General Secretary Xi Jinping proposed the goals of "carbon peak" and "carbon neutrality",demonstrating the determination to deal with environmental problems,which is a new challenge in China’s economic transformation and development.Innovation,as a necessary method to energy conservation and reduce emission for enterprises,need financial support and talent investment.It is urgent to guide financial resources into the filed of technological innovation.As a combination of market-based environmental regulation and financial support policy,.green financial policy has constraint effect and incentive effect at the same time,and gradually becomes the "upstart" in the market.Therefore,by consider of the innovative needs of China’s economic.transformation and the green financial development,it is significance to explore the influence of green financial policy on the technological innovation of firms.It also have theoretical vales and practical significance to the realization of innovation transformation and green development of China’s economy under the background of "double-carbon" target strategy.Specifically,this paper mainly discusses the following four issues:(1)whether and how can the green finance policies solve the dilemma of capital shortage in the process of enterprise technological innovation?That is,is the Porter effect of green financial policy actually exist?If so,what is the mechanism of its influence?(2)Are there differences in the impact of different types of green financial policies on enterprise technological innovation?Which policies have better motivated corporate innovation?(3)Are the policy effects of green finance heterogeneous for enterprises with different natures?(4)In order to better support the innovation and transformation of enterprises,what kind of measures should be taken to encourage and improve the green financial policy system?Accordingly,this paper emphasize on policy-driven innovation,analyzes the above problems from two aspects of theoretical analysis and empirical inspection.Firstly,drawing on the existing research results,this paper analyzes the development power of the green financial policy and the mechanism of influencing the enterprise technology innovation by using the three-party game model of "central bank,financial institution and firm"and the heterogeneous enterprise model.The green and technology-biased nature of green financial policies helps to provide a more convenient and lower-cost financing environment for enterprises actively exploring technological progress and green transformation.Therefore,stimulating the technological innovation vitality of enterprises,and promoting the low-carbon and green transformation development of enterprises.Furthermore,we analyzes the influence mechanism of green finance policy on enterprise technological innovation from the theoretical level.The environmental regulatory attribute of green financial policy will "punish" the cost of production and operation of enterprises,and then "squeeze out" or "force" the enterprise technological innovation.The special financial policy attributes of green finance can enhance the efficient supply of funds,optimize the allocation of financial resources and transmit green development signals,have the financing "gain" and information "gain" effect.Secondly,this paper constructs the green financial policy index based on the text information of central bank with the word frequency statistics method,and adopt the Fixed Effect Model to analyze the impact of green financial policy on enterprise technological innovation.Specifically,according to the development of green financial policy,relevant keywords are selected from the two levels of application scenarios and policy tools.Then,principal component analysis and entropy weight method were used to measure the green financial policy index.This index,from a perspective of information disclosure,not only reflects the development process of China’s green financial policy system,but also reflects the expected management situation of the central bank on green finance policies.Empirical tests show that green financial policy has a significant information "gain" effect,which can encourage firms to increase innovation investment and the proportion of invention patent applications.With the continuous improvement of the green financial policy system,the incentive effect of the green financial policy promote enterprises to increase investment in innovation and then turn to improve the quality of innovation results.The expected management target of promoting innovative development has been achieved.Thirdly,this paper uses PSM-DID analysis method to test the effect and mechanism of green finance reform and innovation pilot zone policy on enterprise technological innovation.The results show that the green finance pilot zone policy in China has a weak Porter effect.And the financing "gain" effect is obvious,which can stimulate enterprises to increase the relative scale of R&D investment and patent application volume by alleviating the internal financing constraints of enterprises and improving the external financing environment.The impact of green finance pilot zone policy on enterprise technological innovation varies among enterprise scale,property right nature and pollution degree.It is generally seen that the pilot zone policy has a greater impact on the technological innovation of large-scale enterprises,state-owned enterprises and low-pollution enterprises.At the same time,institutional investor shareholding and corporate ownership of banks can strengthen the policy effect of the pilot zone policy.However the centralized management structure and the high gap of executive compensation may lead to the overconfidence of executives,and weaken the incentive effect of the pilot zone policy on enterprise technological innovation.Fourthly,in this paper,Structural Equation model,Fixed Effect model and DDD model are applied to test the impact of different types of green financial policy tools on enterprise technological innovation.The results show that the degree of impact on enterprises technology innovation varies among different policy tools.The green credit policy has a strong Porter effect,while green bond policy and carbon emission trading policy have a weak Porter effect.And the differences in policy effects are mainly reflected on the two stages of enterprise innovation output and innovation performance.The channel effect test finds that the implementation of green credit policy can effectively alleviate the financing constraint problem of enterprises.The green bond policy focuses on reducing the debt cost.The carbon emission trading policy can affect the technological innovation of enterprises by improving the financing ability and financing environment.Similarly,the policy effect varies with the enterprise characteristics,pollution degree and external financing dependence.In addition,corporate cash flow,profitability,external financing ability and cost shifting ability moderate the effects of carbon emission trading policies on the innovation incentive.Finally,based on the above analysis results,this paper proposes to further improve the top-level design of the green financial policy system construction,enrich the system of green financial policy tools,and improve the incentive and constraint mechanism and supporting facilities for the development of green financial policy.We will support and encourage enterprises to make technological innovations to facilitate the economy "green recovery".In conclusion,green financial policies can effectively optimize resource allocation and promote technological innovation of enterprises.However,it is still necessary for government regulatory authorities to encourage and supervise financial institutions,to form a sustainable and favorable policy support environment and achieve the policy objectives of "promoting development" and"optimizing environment".Furthermore,While improving the green financial policy system,enterprises should also be encouraged to revitalize the stock of innovation output and promote the "green recovery" of the economy. |
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